HELLO ALL SENIORS, Respected all I want to ask that For the payment of gratuity amount Is the gratuity insurance necessary? And what steps I need to take? Regards Naresh
From India, Pune
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5From India, Pune
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Dear Naresh, What type of details you need, the payment of Gratuity act 1972 , is a long subject. Need any clarification you can contact me 9866917232 Lakshmi
From India, Hyderabad
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From India, Hyderabad
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Hello Naresh,
No, there is no requirement to join any insurance company for the Gratuity Scheme. However, if your employer wants to take tax benefits on provision, then you need to enroll with any insurance company.
Only LIC has a limitation to enroll new clients up to 31-08-2013 as per the notification by IRDA on 16-08-2013. For new clients after that date, Gratuity schemes will be closed for enrollment. Please confirm the same from your side.
Thank you,
Regards,
Ashish
From India, Pune
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No, there is no requirement to join any insurance company for the Gratuity Scheme. However, if your employer wants to take tax benefits on provision, then you need to enroll with any insurance company.
Only LIC has a limitation to enroll new clients up to 31-08-2013 as per the notification by IRDA on 16-08-2013. For new clients after that date, Gratuity schemes will be closed for enrollment. Please confirm the same from your side.
Thank you,
Regards,
Ashish
From India, Pune
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Do you have a copy of the IRDA notification or reference Number of the same.
From India, Mumbai
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From India, Mumbai
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Dear Professional,
Greetings of the day,
Could you please clarify my doubt regarding Gratuity Paid? One of our employees has been working for the past 6 years and recently passed away. Kindly confirm how to proceed with making the gratuity payment.
Thanks,
Chakrapani D
From India, Bangalore
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Greetings of the day,
Could you please clarify my doubt regarding Gratuity Paid? One of our employees has been working for the past 6 years and recently passed away. Kindly confirm how to proceed with making the gratuity payment.
Thanks,
Chakrapani D
From India, Bangalore
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Dear Chakrapani,
The Payment of Gratuity Act 1972 provides that in case of death, the gratuity is payable to any of the following persons:
(i) Nominee
(ii) Heirs (in absence of nomination)
In case the nominee/heir is a minor, such an amount will be deposited with the Controlling Authority of the area, who shall invest the same for the benefit of such a minor in such a bank or other financial institution, as may be prescribed, until such a minor attains majority. You can advise the nominee (normally the wife of the deceased) to approach the management of the company.
BS Kalsi
Member since Aug 2011
From India, Mumbai
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The Payment of Gratuity Act 1972 provides that in case of death, the gratuity is payable to any of the following persons:
(i) Nominee
(ii) Heirs (in absence of nomination)
In case the nominee/heir is a minor, such an amount will be deposited with the Controlling Authority of the area, who shall invest the same for the benefit of such a minor in such a bank or other financial institution, as may be prescribed, until such a minor attains majority. You can advise the nominee (normally the wife of the deceased) to approach the management of the company.
BS Kalsi
Member since Aug 2011
From India, Mumbai
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[QUOTE=klepakshi1967@yahoo.com;2083266]Dear Naresh,
What type of details do you need regarding the Payment of Gratuity Act 1972? It is a complex subject. For any clarification, you can contact me at 9866917232.
Lakshmi
Actually, I want to know:
1) Is any registration necessary for the employer under the Payment of Gratuity Act 1972?
2) Does the employer need to take any insurance for gratuity payment to the employee, such as Gratuity Insurance, etc.?
Regards,
Naresh
From India, Pune
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What type of details do you need regarding the Payment of Gratuity Act 1972? It is a complex subject. For any clarification, you can contact me at 9866917232.
Lakshmi
Actually, I want to know:
1) Is any registration necessary for the employer under the Payment of Gratuity Act 1972?
2) Does the employer need to take any insurance for gratuity payment to the employee, such as Gratuity Insurance, etc.?
Regards,
Naresh
From India, Pune
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Dear Naresh,
My reply to your queries is as follows:
1) Any registration necessary for an employer under the Payment of Gratuity Act 1972? - No registration is required for an employer under the Payment of Gratuity Act 1972. However, you are required to send a 'Notice of Opening' of your establishment as prescribed under the state rules to the Controlling Authority of the area. Any further changes, if any, in the particulars of the establishment shall be intimated. A record of nominations in respect of all employees who have completed one year of service shall be maintained.
2) For gratuity payment to the employee, does the employer need to take any insurance (such as Gratuity Insurance, etc.)? - No insurance is required for the gratuity payment to the employee.
BS Kalsi
Member since Aug 2011
From India, Mumbai
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My reply to your queries is as follows:
1) Any registration necessary for an employer under the Payment of Gratuity Act 1972? - No registration is required for an employer under the Payment of Gratuity Act 1972. However, you are required to send a 'Notice of Opening' of your establishment as prescribed under the state rules to the Controlling Authority of the area. Any further changes, if any, in the particulars of the establishment shall be intimated. A record of nominations in respect of all employees who have completed one year of service shall be maintained.
2) For gratuity payment to the employee, does the employer need to take any insurance (such as Gratuity Insurance, etc.)? - No insurance is required for the gratuity payment to the employee.
BS Kalsi
Member since Aug 2011
From India, Mumbai
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Online Consulting Services are available for Company Directors, CFOs, Vice Presidents of Indian and multinational Companies with the Principal Place of Business in Karnataka. This service addresses all your queries related to the Implementation of the Karnataka Compulsory Gratuity Insurance Rules, 2024, as notified on 10.01.2024.
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From India, New Delhi
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The time left for implementation is now 42 days, and you may still be struggling to find answers to burning questions such as:
1. What are the preliminary documents required to implement the KCGIR, 2024?
2. Why is it necessary to implement the KCGIR, 2024?
3. How can I implement the KCGIR, 2024 before the stipulated timeline?
4. Where can I seek guidance for implementing the KCGIR, 2024?
5. Who will face penalties if the KCGIR, 2024 is not implemented on time?
Receive paid consultation from a 15-year experienced expert in Actuarial, Accounting, and Legal Issues in this subject. Book your time slot for Zoom, Team, or Google Meet Call for INR 8000 plus GST for 30 minutes and INR 12000 plus GST for 1-hour consultation. Connect with us at 9211637063 & 9818322186 or email us your requirements for an online meeting at tikaramchaudhary@gratuitytrustfund.com.
From India, New Delhi
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